Kingston, Jamaica— With demographic trends pointing to a rapidly greying nation, senior figures in Jamaica’s insurance and pension landscape are urging the post-election Government to attach hard-edged incentives to personal risk-management products. Their prescription: blend fresh legislation with tangible financial rewards so that ordinary Jamaicans—especially informal workers—see real value in committing to insurance and long-term savings.
Incentives That Work—Not Talk
Hugh Reid, General Manager of JN Life Insurance, recalls when new graduates snapped up life policies simply to claim the tax break that came with them. “The benefit was immediate and visible, so uptake was automatic,” he notes. Reid argues that a straightforward tax credit—say, on the first $6,500 of annual premiums—would reignite that behaviour, point-blank.
Everton McFarlane, Executive Director of the Insurance Association of Jamaica (IAJ), agrees but adds that incentives needn’t stop at taxes. Direct cash-back, matched savings, or tiered premium discounts tied to length of coverage could all tilt consumer psychology toward protection rather than consumption.
Structural Shifts—Not Slogans
Canopy Insurance CEO Oliver Tomlinson sees a cultural hurdle: many Jamaicans still view insurance as “money you never live to see.” His answer is to promote products with built-in “living benefits”—cash-value accumulators, health riders, or early-access clauses—that let policyholders touch the upside before retirement or death. Tomlinson points to the National Housing Trust and the Education Tax as proof that mandated deductions, when coupled with clear personal gain, can transform social norms.
Micro-Insurance & Micro-Pensions—The Missing Legislation
Industry players reserve their sharpest criticism for the long-delayed Micro-Insurance Bill. Rosemary Henry, President of the IAJ, calls it “the doorway for customised, low-cost protection,” enabling premiums as low as $250 per month for benefits that matter. Desmond Johnson of the Pension Industry Association of Jamaica takes it further, envisioning retail “round-up” programmes where shoppers funnel spare change directly into micro-pension accounts. Both insist that without a legal framework, these mass-market innovations will never scale.
Guardrails for a Wider Net
Expanding distribution also widens the risk of malpractice. McFarlane stresses that any new law must hard-wire fitness standards, reporting duties, and consumer-protection triggers. “Democratising access is non-negotiable, but so is accountability—both ride on the same statute,” he says.
